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Market Review for the Week Ended February 2, 2024

The week under review marks the end of January 2024 and the beginning of February 2024. The market appreciated up by 35.78% for January.
Also, bullish runs were sustained for the fifth consecutive week this year despite the market losing for 2 days of the week ended.  Transactions on the floor of the Nigerian Stock Exchange Market for the week closed the All-Share Index ASI up by 1.97% for the week, and 3.23% for February so far and 39.65 y/y.

The market closed the trading week on a positive note, as the NGX-ASI rallied 1.97% w/w to close at 104.421.23 points, while market capitalization appreciated by ₦1.12 trillion to ₦57.158 trillion.

Activity level is up compared to the volume and value recorded last week as the volume traded grew by 30.59% w/w to 3.893 billion units of shares from 2.981 billion. Also, the value of trade grew by 64.41% w/w to N95.147 billion from N57.873 billion. The number of deals also grew by 1.70% w/w to 69,117 deals from 67,962 deals.

The financial services being the most active contributed 67.81% of the total volume of trade and 50.08% of the total transaction value.
The most actively traded stocks in volume for the week are FBNH, Transcorp, and UBA contributed 961.288 million units of share

Sectorial Index Performance
Performance across the sectors index was also very positive as shown below;
Banking                                               -4.52%
Insurance                                             -4.07%
Consumer Goods                                1.30%
Oil and Gas                                         -2.47%
Industrial Goods                                 6.36%
Conglomerates                                    -2.75%

Market Breadth
Investor sentiment was negative this week as the market breadth for the week. The market recorded 27 stocks gained which was a 22.86% decline w/w and 64 stocks declined with an increase of 1.54% better w/w

Notable Gainers for the week
Tripple Gee and Company                  42.05%
Meyer                                                  20.79%
Cornerstone Insurance                        20.25%
Veritas Kapital Assurance                  18.64%
Juli                                                       18.64%

Notable Losers
Daar Communications                                    23.38%
Eterna                                                              19.49%
Sunu Assurances Nigeria                                19.11%
Deap Capital Management & Trust                16.25%
May and Baker Nigeria                                   16.00%

Stocks to Watch for the Week
Tantalizer                                 @ N0.50
Cadbury                                  @ N20.00
FBNH                                     @ N26.20
Japaul Gold                             @ N3.07
FCMB                                     @ N10.25
Transcorp                                @ N15.40
Sterling Bank                          @ N6.60
Wema Bank                            @ N10.85
AIICO                                     @ 1.24
Please note: The value of shares and investments can go down as well as up, leading to investors not getting back the amount invested. Past performance is not a guide to future performance. Always consult an expert before making an investment decision

Ellah Lakes Plc listed an additional 753,786,788 ordinary shares of 50 Kobo each per share of Ellah Lakes Plc (Ellah Lakes or the Company) on Wednesday, 31 January 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).
Chapel Hill Denham Management Limited listed an additional listing of 106,350,000 units of N100 each at N108.89 each of Chapel Hill Denham Management Limited’s Nigerian Infrastructure Debt Fund under the N200 Billion Issuance Program on Friday, 2 February 2024 listed on the Daily Official List of Nigerian Exchange Limited (NGX).

Corporate Action
Geregu Power Plc:      Dividend: N8.00
                                    Qualification Date; Feb. 27, 2024
                                    Closure Date; Feb. 28, 2024
                                    Payment Date; Mar. 28, 2024
                                    AGM Date; Mar. 28, 2024

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